pynkspyce:

they can keep it. Would rather carry my money to old ikoyi, buy some house, bring it down and the rebuild and still carry my balance and buy a house in a diff country.

Very Funny, Old Ikoyi is even more expensize than Lekki.

U are talking of Ikoyi as if it is cheap. Try asking some real-estate agent and u will be surprise.

I know of a guy that sold is father house in Ikoyi for 250Mill and bought a house for his father at VGC at (70 or 80 Mill).

For a reputedly expensive real estate location it has crappy access roads. Last time I was there en route to Airtel HQ (many month ago though), I had to transverse a couple of mini rivers a.k.a potholes and that wasn't a nice experience. Plus there are several uncompleted buildings in the area that apparently serve as hideouts for miscreants.

Personally I think the place is just over-hyped. You pay millions of bucks and your neighbor will prolly still be the vulcanizer in the uncompleted house around the corner. People looking for real high end real estate with should try Maitama and Asokoro in Abuja.

True, Ikoyi is a no go area for an average Man .

Currently In Banana Island, Parkview, Glover and Water-Side   plot of land goes for N400m-N500m, and that is if you can get one.

So u are my neighbour

wow! Thatz really expensive area! Need to see the pix

this thread sounds like a marketing stunt
And why are all the empty houses? Don't we have enough billionaires again? Something is wrong!
Very soon, and very very soon, our overpriced real estate sector will take their turn in crashing.
How can I explain a plot of land in my village going for N2m+

as i said those flats is just over priced estate abeg whats big about it? to me is not different to apartment British govt gives single mothers on child benefits in UK lack of exposure is very bad,

There is nothing you won't find in naija, from extreme poverty to extreme wealth and luxury

Excelboi:

BANANA ISLAND
Banana Island is a place of unrivalled opulence and grandeur. It’s an entirely different world from other parts of the country. It’s a gated community, and its inhabitants enjoy such luxuries as underground electrical systems and water supply networks, 24 hour-electricity supply (the only other place such privileged is the Nigerian President’s residence), extremely tight security, good road layout, a central sewage system and treatment plant and the well-cherished company of fellow wealthy folks. The island is the most expensive place in Nigeria and one of the most expensive in Africa to own a house. Property on Banana Island is dollar-denominated. The average cost of buying a three bedroom apartment is $2 million. However, if you’re just looking to hang around the island for some time, and not to buy property, you can rent the same apartment for about $150,000 per annum. But there’s a clause: you must pay for an initial minimum term of 2 years – in advance. And there are no refunds. Ever! Also, the tenant is also mandated to pay a ‘service charge’ of $17,000 per annum. A typical plot of land on the island usually goes for between $4 million and $6 million, and the cheapest building on the island costs upward of $8 million. But because of the ridiculous prices of property on the island, about 60% of the completed buildings are currently unoccupied. So, who are the people who occupy the land? The list includes multinational corporations, well-paid expatriate employees, corrupt government officials; their concubines (or mistresses), and wealthy businessmen such as Alhassan Dantata, Kola Abiola and Nigeria’s newest billionaire, Mike Adenuga.       

www.forbes.com/sites/mfonobongnsehe/2011/05/04/the-most-expensive-neighborhood-in-nigeria/

Where is Banana Island located?? This would have been the first thing in your write up!

odiaero:

@op , i dont think so, Osborn Estate is the most expensive and beautiful, in 2009, i wanted to rent a house in  there, $100,000 was the price, with pool and Generator set, but what stopped me was double agent they have, so i refused to go further, but at last when i look back, am glad i did  not rent that, because it would have been foolishness, and some people in this life are looking for 70,000 naira just to pay for a full year house rent in some part of the country and they dont have, while am wasting 15 million per annum times two to rent just a flat, even overseas , $15,000 will get you a house better than the ones in Banna or Osborn for per annum.

The thing is even our hotels are expensive than the overseas hotel, even the white men are complaining about how expensive and low quality our hotels are when they visit

that what am trying to tell them, 15.000 dollars i believe will get you a well equip secure apartment in US. even in UK they got some dangerous apartment as in how those apartment is design and equip you go comot hat some of them is like you think  u are in another planet,

It's a big bubble. Many big men and banks built properties there with borrowed money. They are now praying, hoping and begging to get their money back. They overestimated the influx of expats and diaspora Naijas bringing in FDI.

And to add to it, big men like Adenuga are reported to allegedly have more than one massive mansion there. But with little community spirit the place may fail. Case in point is the access road, only passable by 4 x 4. There is also poor drainage with champagne bottles floating in the gutter. Numerous uncompleted buildings and little or no basic social amenities.

So big men don't have drivers, workers etc who may need social amenities. Ok oh, these people will answer the call of nature wherever suits them then.

there's no point bad mouthing the place. If you can afford it, then go get it.all this talk about access road is gibberish.How many have passed through  recently? except for a tiny stretch that where the interlocking stones have caved in, the roads leading and inside the island are fine. I guess the mega rich just got tired of Osborne, Parkview and VGC simply cos middle income earners could save up and live in with them either as Landlords or tenants and these places started loosing their appeal just like Dolphin estate did in the past. I must confess that the island is well planned and it's targeted at a specific segment of the rich. there are people who have mega bread in this Naija. just looking for where to throw some around. make dem spend am as dem like.

Too much money jor!

I've always said that if the FIRS and EFCC are serious, an easy way would be to take an inventory of all those who own property in Banana Island, Ikoyi, Lekki Phase 1 and 2, VGC, Asokoro, Maitama etc and find out who they are, what they do, their source of income and how much tax they have paid in the last 10 years.

One reason our properties are so expensive is because they are bought with easy money. When you steal N1bln, it isn't a big deal to buy a house for N100mln. No doubt Lagos does have a few rich business men, but most of these houses are occupied by corrupt people whose only source of income is government patronage.

they will be the first to witness tsunami lol

and so wht?d place fyn pass ajegule?

emmatok:

True, Ikoyi is a no go area for an average Man .

Currently In Banana Island, Parkview, Glover and Water-Side plot of land goes for N400m-N500m, and that is if you can get one.

good lawd! this place is more expensive than Malibu and The Hamptons where i can have all the beachfront i want. screw that poo!

Do they by any chance [i]l[/i]oot around there?

Laws of demand and supply.

Big boys demand somewhere exclusive, somewhere builds and supplies it.

Abeg, the money is creating jobs for Lagos and adding to our GDP.

I say, make dem carry go!!!!

And as someone said, EFCC should visit there.  Tax collectors to should visit there to make sure their taxes are up to date.

It is better that big men build in Naija than buy in US/UK and Dubai!

typical stup.idity of the average nigerian - instead of asking why these type of luxury apartments are built when 3/4 of the population live in slums you fools come on here praising this kind of wastage- how many of you will ever be able to live in this type of accomodation in your lifetime?

your govt has never done anything for you and you demand nothing of them - thats why they treat all of you like sh.t

Too much money chasing few properties, waste of money, especially if you're renting.

some yrs from now, forbes will come back and do another report when the effect of ocean surge, flood etc must have been felt in d island.

Na Naija guy write am for Forbes,

It's a blog oh, and the literary standards for blogs are not as stringent as hard copy material.

broke ar.ses, come join us brother

The account is partially true. The island is a precint to Ikoyi and VI hence it was to a large extent well planned but grossly overvalued.

You could join me in my office if you care, only if you are my client though

As for Victoria Island, it was tagged the most expensive slum and this could be corroborated by many factors take Saka JoJo for example, you wont believe you are in VI.

The rich shall always be distinguished from the poor by the quality of thier life. Nothwithstanding the above, the value of good neighbourhood is unquantifiable.

OK if they want sell there apartment,for hw much and who will buy that over hyped flat in unstable economy like Nigeria don't hope on foreign investors cos they ain't buying that crap of a building. third world country selling flats for that price abeg fifty cent the rapper should buy one for MTV crip

ak47mann:

OK if they want sell there apartment,for hw much and who will buy that over hyped flat in unstable economy like Nigeria don't hope on foreign investors cos they ain't buying that crap of a building. third world country selling flats for that price abeg fifty cent the rapper should buy one for MTV crisp

Super-luxury properties in developed countries have a LOT more to offer than running water, electricity and sewage systems. They typically offer stunning views of world landmarks, convenient location to global trade centers and/or direct access to world-class recreational facilities like golf courses or private beaches in choice locations.

What exactly does an apartment on Banana Island offer to justify a $2million price tag? Which sane person with legally-earned money would pay the same sum for an apartment in a mega-slumlike Lagos and an apartment overlooking Central Park in NYC? The valuations make no f*cking sense whatsoever!

I think VGC is way better off than banana Island!!The hype is just too much, they don't even have good roads, sewage, etc,